How Rs 630-crore land deal triggered FIR against Experion Developers

Leading real estate firms Experion Developers and Experion Capital are facing serious fraud allegations after the Delhi Police’s Economic Offences Wing registered an FIR in connection with a Rs 630 crore land deal in Gurugram. The action follows a complaint by the Enforcement Directorate (ED) and comes after a Zee News report that had flagged alleged irregularities in the case. The probe centres on claims of loan manipulation, creditor vote control and misuse of the insolvency process to acquire prime land at a significantly reduced value.

FIR registered after ED complaint in Gurugram land case

The case relates to a prime land parcel in Sector 62, Gurugram, where Experion Developers has been accused of allegedly misleading the system to acquire land valued at over Rs 630 crore.

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Acting on the ED’s complaint, the Economic Offences Wing (EOW) of Delhi Police has registered an FIR against Experion Developers and Experion Capital. The development marks a key escalation in a case that had been under scrutiny for several months following Zee News coverage.

Dignity Buildcon loans at centre of alleged fraud

At the heart of the case is Dignity Buildcon Private Limited, a real estate company that had taken loans exceeding Rs 992 crore from six financial institutions, including Standard Chartered Bank and entities linked to Blackstone, to acquire land in Gurugram.

According to the ED, Experion Developers allegedly attempted to acquire Dignity Buildcon’s assets at a significantly lower value of around Rs 332 crore, raising questions over the fairness of the process.

ED alleges loan purchases used to gain voting control

The ED investigation found that the Experion group could not directly acquire the company and instead allegedly adopted an indirect route. It is claimed that court proceedings were deliberately prolonged, while efforts were made to influence creditor voting.

As part of this strategy, Experion Capital (ECPL) allegedly purchased portions of the distressed loans to gain control within the Committee of Creditors (CoC).

• Standard Chartered Bank’s exposure of over Rs 494 crore was reportedly acquired for Rs 160 crore, resulting in nearly 50 per cent voting rights
• A loan of around Rs 58 crore linked to Blackstone was allegedly acquired for about Rs 25 crore, securing an additional 10 per cent voting rights

These transactions allegedly enabled the group to build significant influence within the CoC, which determines the outcome of insolvency proceedings.

‘Buyer and decision-maker same’: Violation of insolvency norms alleged

Investigators have alleged that the structure effectively allowed the same group to act as both buyer and decision-maker in the insolvency process.

Such an arrangement, if proven, would be a violation of insolvency laws, as the Committee of Creditors is expected to function independently while deciding the fate of a distressed company.

Pressure allegation in creditor voting

A key revelation in the probe relates to Alchemist ARC, which held around 35 per cent voting rights in the creditor committee.

According to statements recorded by the ED, a representative of the company alleged that pressure was exerted to vote in favour of Experion Capital’s resolution plan.

Alchemist ARC is promoted by corporate lawyer Alok Dhir. Investigators have flagged that similar patterns of acquiring distressed loans through related entities have emerged in previous cases as well. His role, along with that of Alchemist ARC, is now under scrutiny.

95% voting power used to approve resolution plan

The ED has alleged that through these transactions, Experion Capital secured as much as 95 per cent voting power in the Committee of Creditors.

This majority allegedly enabled it to approve the resolution plan submitted by its own related entity, Experion Developers. The probe suggests that both financial leverage and influence were used to push the plan through.

ED says key land detail was hidden from tribunal

Another crucial aspect of the case involves a 9.32-acre land parcel in Sector 63, Gurugram. The ED had already attached this land in connection with the Religare Finvest fraud case. According to the agency, this fact was not disclosed before the tribunal by the Experion group, raising concerns over possible suppression of critical information during legal proceedings. The Delhi Police’s Economic Offences Wing is now carrying out a detailed investigation into the matter.